BERLIN FINANCIAL RESULTS PRESENTATION H1 2021 AUGUST 2021 STRONG OPERATIONAL PERFORMANCE

+1% +2% ps ps EPRA NRV growth EPRA NTA growth Total Assets €4.7 billion, €4.5 billion, €10.9 billion per share €28.0 per share €27.0 +4% +5% 0% ps growth ps growth incl div Incl. div

FFO I 1 Adjusted EBITDA FFO I per share 1 €94 million €147 million €0.56 (FFO I yield: 4.7%2)

0% +3% +2%

2.0% HALLE Revenue Net rental income LIKE-FOR-LIKE €259 million €183 million Rental growth

-3% -2%

Unencumbered Investment Lowest record of Average Debt LTV Equity Ratio properties Cost of Debt Maturity 34% 49% €7.8 billion 1% 6.7 years (92%)

1 previously defined as FFO I / FFO I per share after perpetual notes attribution 2 2 based on FFO I per share annualised and a share price of €23.6 ENHANCED ASSET QUALITY

ACCRETIVE CAPITAL RECYCLING STRONG LETTING PERFORMANCE AND VALUE CREATION

Acquisitions located mainly London, Berlin and Dresden and other German cities executed at an average multiple of 18x The steady and gradual decline in vacancy coupled with the increase in in-place rent further Disposals completed at an average multiple of 17x generating a total profit over cost of 29%. These illustrates the enhanced asset quality of the investment property portfolio. assets are mostly located in eastern German cities in states such as Saxony-Anhalt, Thuringia, Saxony and Brandenburg and in secondary cities in NRW This is also evident in the increasing trend in value per sqm – reflecting GCP’s ability to deliver value creation. Share Buyback executed at a discount to NAV, while disposals carried at a premium to book values  capitalizing on the disconnect between capital markets and the underlying business realities.

3 OPERATIONAL PROFITABILITY

Selected consolidated statement of profit or loss H1 2021 H1 2020 NET RENTAL INCOME ADJUSTED EBITDA in € ‘000 unless otherwise indicated (in € millions) (in € millions) Revenue 259,448 267,723 Net rental income 183,131 186,364 186.4 183.1 Property revaluations and capital gains 179,662 220,621 147.1 147.4 Share of profit from investments in equity-accounted investees 3,060 1,956 Property operating expenses (108,358) (115,556) Administrative and other expenses (5,408) (5,862) EBITDA 328,404 368,882

Depreciation and amortization (2,606) (2,280) Adjusted EBITDA 147,410 147,106 Finance expenses (22,702) (24,297) Other financial results (89,265) (37,127) Current tax expenses (17,629) (14,519) H1 2020 H1 2021 H1 2020 H1 2021 Deferred tax expenses (39,118) (37,929) Profit for the period 157,084 252,730 Earnings per share (basic) in € 0.72 1.23 Earnings per share (diluted) in € 0.68 1.16 ROBUST ORGANIC RENTAL GROWTH SUPPORTING OPERATIONAL PROFITABILITY

EFFICIENT COST DYNAMIC AND STRUCTURE EFFICIENT FURTHER BOOSTED OPERATING BY DISPOSALS OF PLATFORM NON-CORE ASSETS DELIVERING SOLID COMBINED WITH BUSINESS HIGH QUALITY EFFICIENCIES ACQUISITIONS 4 FFO I + II 1 1 FFO I (in € millions) FFO I per share (in €) in € ‘000 unless otherwise indicated H1 2021 H1 2020 Adjusted EBITDA 147,410 147,106 Finance expenses (22,702) (24,297) 94 Current tax expenses (17,629) (14,519) 92 Contribution from / (to) joint ventures and minorities, Net (282) (300) Adjustment for perpetual notes attribution (12,565) (16,455) FFO I 1 94,232 91,535 0.56 FFO I per share 1 (in €) 0.56 0.55 0.55 FFO I yield3 4.7%

FFO I 1 94,232 91,535 Result from disposal of properties 71,434 108,021 FFO II 2 165,666 199,5562 1 previously defined as FFO I / FFO I per share after perpetual notes attribution 2 Reclassified to be based on FFO I after perpetual notes attribution H1 2020 H1 2021 H1 2020 H1 2021 3 Based on FFO I per share annualised and a share price of €23.6

2 FFO II (in € millions) FFO I Dividend Disposals during the first half of yield3 yield3 200 2021 amounted to over €300 4.7% 3.6% million, 13% above book value. 166 These comprise primarily of non- core assets in secondary cities, Optimized capital structure delivering enhanced generating a profit margin over profitability costs (incl capex) of 29% Strong profitability further augmented by contribution from joint ventures

5 H1 2020 H1 2021 EPRA NAV METRICS EPRA NAV PER SHARE METRICS (in €) EPRA NRV ps EPRA NTA ps EPRA NDV ps +4% EPRA NRV  assumes that entities never sell assets and aims to represent the value required +5% incl div to rebuild the entity +1% incl div +6% +2% incl div 27.8 28.0 - Deferred tax liabilities fully added back 26.5 27.0 +1% - RETT fully added back 20.1 20.4 EPRA NTA  assumes that entities buy and sell assets, thereby crystallizing certain levels of unavoidable deferred tax and triggering purchaser’s costs.

Dec Jun Dec Jun Dec Jun GCP has classified properties into three categories for which, as they may be disposed in the 2020 2021 2020 2021 2020 2021 long term, deferred taxes or real estate transfer tax are not added back in the NTA calculation:

Properties classified in the EPRA NAV metrics supported by profit generation, partially offset by provision for dividend portfolio as “Others” and may be Investment properties held Development rights in during the period while the EPRA NAV per share metrics were further supported by the share disposed on an opportunistic for sale. buyback program. basis. The Company will further evaluate the probability of these properties to be disposed or held long term. EPRA NAV METRICS (in € millions) EPRA NRV EPRA NTA EPRA NDV EPRA NDV  represents the shareholders’ value under a disposal scenario, where deferred tax and financial instruments are calculated to the full extent of their liability, net of any resulting tax 4,776 4,725 3,452 3,437 4,566 4,545 No adjustments besides fair value measurements of debt.

Dec Jun Dec Jun Dec Jun 6 2020 2021 2020 2021 2020 2021 PORTFOLIO OVERVIEW

INVESTMENT PROPERTY (in € millions) ANNUALIZED RENTAL INCOME vs. MARKET POTENTIAL +5% (INCLUDING VACANCY REDUCTION) € 435

+23% € 354 8,387 8,022

Dec Jun Jun 2021 Annualized 2020 2021 annualised market potential on current market rent

Area Annualized net In-place rent per Value per sqm Value (in €M) EPRA vacancy Number of units Rental yield (in k sqm) rent (in €M) sqm (in €) (in €)

NRW 1,424 947 6.0% 70 6.3 13,313 1,505 4.9% Berlin 1,946 583 4.7% 59 8.5 8,017 3,336 3.0% Dresden/Leipzig/Halle 1,060 816 5.1% 51 5.5 14,007 1,299 4.8% /KL//Mainz 411 194 3.1% 20 8.4 3,292 2,121 4.8% Nuremberg/Fürth/ 230 98 5.4% 10 8.4 1,358 2,341 4.3% /Bremen 362 268 6.5% 20 6.5 4,050 1,351 5.5% London 1,591 190 7.3% 68 32.3 3,356 8,357 4.3% Others 944 724 5.4% 56 7.0 12,308 1,302 5.9% Development rights and new buildings* 419 Total 8,387 3,820 5.7% 354 8.0 59,701 2,085 4.4% *of which pre-marketed buildings in London amount to €189 million 7 DIVERSIFIED PORTFOLIO WITH HIGH GROWTH POTENTIAL

8 FOCUS ON CENTRAL LOCATIONS IN BERLIN AND NRW BEST IN CLASS BERLIN PORTFOLIO WELL DISTRIBUTED NRW PORTFOLIO 25% 17%* of GCP’s 4th of GCP’s Portfolio Portfolio Value largest city in Germany

70% of the Berlin portfolio is located in top tier neighborhoods: Charlottenburg, Wilmersdorf, Mitte, Kreuzberg, Friedrichshain, Lichtenberg, Schöneberg, Neukölln, Steglitz and Potsdam.

30% is well located in affordable Strategically locations located primarily in positioned in Reinickendorf, Treptow, Köpenick Germany’s largest and Marzahn-Hellersdorf. metropolitan area

* all breakdowns are by values, unless otherwise indicated

BERLIN COLOGNE BERLIN DORTMUND

9 QUALITY EAST AND NORTH PORTFOLIO QUALITY EAST PORTFOLIO QUALITY NORTH PORTFOLIO DRESDEN/LEIPZIG/HALLE HAMBURG / BREMEN Largest 13%* 5%* cities, after of GCP’s Second Portfolio of GCP’s Berlin, in largest city in Portfolio Eastern DIVERSIFICATION INTO Germany Germany GERMANY’S DYNAMIC WELL POSITIONED IN EASTERN CITIES WITH GERMANY’S LARGEST STRONG DEMOGRAPHIC NORTHERN CITIES FUNDAMENTALS

RESILIENT AND DEFENSIVE PORTFOLIO WITH UPSIDE POTENTIAL

*all breakdowns are by values DRESDEN HAMBURG HALLE BREMEN

10 HIGH QUALITY LONDON PORTFOLIO*

Approx. of the portfolio is The total London 85% Strong letting performance 21% situated within a short walking portfolio, including has taking double digit of GCP’s distance to an pre-marketed units vacancy to occupancy of Portfolio underground/overground consists of approx. 92.7% as of June 2021 station 4,100 units

GCP’S LOW ENTRY POINT NET RENT YIELD AFTER 1 YEAR <5% INTO THE LONDON RESIDENTIAL MARKET IS 4% BUFFER TO MARKET PRICES BOTH EMBEDDING A HIGH UPSIDE AND IS ALSO VERY

3% DEFENSIVE ON VALUATION MARKET TRANSACTION LEVEL AND CASH FLOWS.

WELL CONNECTED LONDON PORTFOLIO The map represents approx. 90% of the London Portfolio

* all breakdowns are by values

BARNET GREENWICH FULHAM

11 MAINTENANCE & REPOSITIONING CAPEX

REPOSITIONING CAPEX REPOSITIONING CAPEX & MAINTENANCE PLAYGROUNDS (in € per average sqm)

- Focus remains on improving the asset quality DRESDEN 10.3 - All capex is directed towards value creation 10.2 - Other value-add measures include: - Upgrading apartments for new rentals - Enhancing staircases and public areas 7.2 7.6 - Installing playgrounds Repositioning capex - Installing elevators and ramps per avg sqm - Other similar measures Maintenance per avg - During H1 2021, GCP invested €7.6/avg sqm into sqm repositioning capex 3.0 2.7

H1 2020 H1 2021

UPGRADED APARTMENTS BEFORE/AFTER ADJUSTED FUNDS FROM OPERATIONS (AFFO) HALLE GELSENKIRCHEN

in € ‘000 unless otherwise indicated H1 2021 H1 2020

FFO I 1 94,232 91,535

Repositioning Capex (29,821) (33,674)

AFFO 2 64,411 57,861

1 previously defined as FFO I after perpetual notes attribution 2 Reclassified to be based on FFO I after perpetual notes attribution

12 FINANCIAL POLICY

GCP FINANCIAL POLICY

Strive to achieve A- global rating in the long term

LTV limit at 45%

Debt to debt plus equity ratio at 45% (or lower) on a sustainable basis

Maintaining conservative financial ratios with a strong ICR

Unencumbered assets above 50% of total assets

Long debt maturity profile

Good mix of long-term unsecured bonds & non-recourse bank loans

Dividend distribution of 75% of FFO I per share

GCP REMAINS COMMITTED TO MAINTAINING A CONSERVATIVE FINANCIAL POLICY

13 CAPITAL STRUCTURE FINANCING SOURCES MIX HEDGING RATIO LOW LTV

3% 45% Board of Directors’ Limit 4% 2% Bank Debt

36% 39% Straight Bond

fixed & swapped 3% Convertible 3% 34% variable 33% 31% 57% 56% Equity

Perpetuals 97% Dec Dec Jun Dec 2020 Jun 2021 2019 2020 2021 DEBT MATURITY SCHEDULE Cost of Debt 1,200 1% 1,000 Avg. Debt Maturity 800 6.7 years 600 In-the-money Convertible Bonds 400 Conversion Price: €23.14 200

EUR Millions -

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035

Bank Debt Straight Bonds Convertible Bond 14 DEBT COVERAGE & CREDIT RATING INTEREST COVER RATIO UNENCUMBERED INVESTMENT PROPERTIES LIQUIDITY POSITION

ICR1) €7.8 Approx. billion 6.5x 92% €1.4 of value billion

1) Adjusted EBITDA/ interest

CORPORATE CREDIT RATING

A- S&P Moody’s BBB+ Baa1

Baa2 BBB

BBB-

BB+

BB

BB-

Feb 2013 Nov 2013 Feb 2014 Nov 2014 Feb 2015 Jul 2015 Nov 2016 Sep 2017 Goal

15 GUIDANCE

FY 2021 Guidance

FFO I 183-192 FFO I per share (in €) 1.08-1.13 GUIDANCE CONFIRMED Dividend per share (in €) 0.81-0.85 Total net rent like-for-like growth 2%-3%

LTV <45%

BERLIN DRESDEN APPENDIX

17 ESG AND SUSTAINABILITY ENHANCED REPORTING In order to effectively address the varied interests and priorities of our business partners, investors, tenants, employees and communities

NON-FINANCIAL REPORT SUSTAINABILITY INSIGHTS based on 12 topics identified as material in GCP’s materiality assessment externally assured by Mazars and intended primarily for legislators and and is intended for investors and ESG analysts. These insights follow the investors to provide a description of how we manage the material guidelines developed by the Global Reporting Initiative (GRI), EPRA and environmental, social and governance matters the disclosure requirements of the main investor-orientated ESG benchmarks that we participate in. Available here Available here

SUSTAINABILITY IN FOCUS provides an overview of our sustainability activities and is intended for use by our wider stakeholders, including our tenants, employees and the communities in which our assets are located. Available here

RECOGNITION FOR ESG & SUSTAINABILITY MEASURES

 75th percentile within real estate peer group in Corporate  Sustainability Assessment Member of the Bloomberg  One of the leading sustainability ratings, which inclusion in Dow Gender-Equality Index (GEI) Jones Sustainability Index is based on for the 2nd year in  Industry best in sub-category Customer Relationship Management succession  97th percentile in sub-category Social Integration & Regeneration AUGUST 2020  The GEI brings transparency to gender-related practices and policies at publicly listed GCP’s ongoing commitment to sustainability was recognized in the recent Sustainalytics ESG Risk Rating Report companies ranking GCP 2nd out of 105 companies (1st = lowest risk). Sustainalytics, a Morningstar company is a leading ESG and Corporate  Inclusion reflects a high level Governance research and ratings firm. of disclosure in gender- related metrics 18 ESG GOALS

19 ENVIRONMENT

GOING FORWARD

Identify most inefficient buildings and develop roadmap to improve energy-efficiency

Continue analysis for potential implementation of renewable energy GCP’S systems on-site HEADQUARTERS Conclude PPA (Power Purchase Agreement) with renewable power EQUIPPED WITH producer and increase quality of guarantees of origin PHOTOVOLTAIC (PV) SYSTEMS ALONG Launch project to further support topic of biodiversity WITH CHARGING STATIONS FOR ELECTRIC VEHICLES

20 SOCIAL

TENANTS GCP FOUNDATION EMPLOYEES

In 2020, alternative activities for our More than 40 charitable projects tenants like virtual Santa event through our Foundation across Introduced subsidies for lunch and LOOKING AHEAD Germany public transport

Our traditional tenant events at our properties will resume as soon as Supported creative centers, childcare Offered a range of online trainings, - Introduction of "Culture Days" to foster and celebrate diversity coronavirus pandemic allows care centers and local sports teams, as well as Leadership Program within our staff among others. - Mandatory eLearning module on sustainability for all employees Virtual flat viewings as a health & Working from home made possible - Extent of social projects and tenant events depends on Covid-19 safety measure for prospective Extra support for social organizations for majority of staff due to development – the Foundation will focus on projects that deal tenants which are struggling due to coronavirus pandemic coronavirus pandemic with the repercussions of lockdown, homeschooling, etc. Cooperation with external partner Continued dialogue with and strong that offers holiday care and virtual Scholarships given to students in support for our tenants, reflected in childcare for children of our Halle continuously high tenant satisfaction employees with our 24/7 service center

21 GOVERNANCE

1 BEST-IN-CLASS REPORTING LEADING TO HIGH STANDARDS OF TRANSPARENCY - For the FOURTH CONSECUTIVE year, GCP received the EPRA BPR and sBPR gold awards for its financial reporting and sustainability reporting, respectively.

- GCP also published its remuneration report for 2020, further improving its reporting and transparency standards.

2 EXPERIENCED LEADERSHIP WITH STRONG AND INDEPENDENT BOARD OF DIRECTORS - GCP benefits greatly from a strong Board of Directors composed primarily of independent directors.

- Additionally, the Audit, Risk, Nomination & Remuneration committee members are mostly independent directors providing strong governance to the organization.

3 INTEGRATED SUSTAINABLE BUSINESS STRATEGY - Sustainability goals further entrenched into the core business with GCP’s integrated sustainable business strategy.

- Milestones and targets alligned with the relevant United Nations’ Sustainable Development Goals.

22 STRONG CAPITAL MARKET ACCESS

Proven track record Approx. €9 billion of capital raised since 2012, with a proven track record in 4 different instruments: Equity, Perpetual notes, Convertible bonds and € 1,308 mn € 1,300 mn Straight bonds across a broad spectrum of investors & markets € 1,201 mn GCP’s largest issuance of €1 billion during 2021 YTD € 1,000 mn € 908 mn €1.3 billion issued in 2020, with €600 million issued at the peak of the pandemic

€ 725 mn Over issued in 2019 € 650 mn €700 million

Strong activity in 2018, issuing €1.3 billion

Over €900 million issued in 2017

EQUITY & BOND BOOKRUNNERS

2015 2016 2017 2018 2019 2020 2021 YTD

Equity Perpetual Notes Convertible Bonds Straight Bonds ANALYST COVERAGE

32

28 28.0 27.5 27.0 27.0 24 26.2 26.0 26.0 26.0 26.0 25.5 25.3 24.5 23.5 23.0 23.0 23.0 20 22.0 21.0 19.5 16

12

8

4

0 Bank of First Berlin Kepler UBS Citigroup Berenberg Societe J.P. Morgan DZ Bank Goldman Sachs HSBC Barclays Deutsche Bank Hauck & Nord LB Jefferies Oddo BHF Kempen & co America Merrill 19.05.2021 Cheuvreux 18.05.2021 15.03.2021 28.06.2021 Generale 19.04.2021 01.06.2021 18.05.2021 24.05.2021 04.05.2021 16.04.2021 19.07.2021 Aufhäuser 04.06.2021 18.05.2021 19.05.2021 22.07.2021 Lynch 20.06.2021 03.06.2021 17.11.2020 18.01.2021

KEY INDEX INCLUSIONS -Global Developed -Europe Developed -Eurozone -Germany GPR FTSE STOXX MDAX EPRA/ ESG+ NAREIT 600

GPR GPR MSCI WORLD IMI IPCM LFFS MSCI Core Real Estate Sustainable GRES 250

24 SHARE DEVELOPMENT & OWNERSHIP STRUCTURE GCP - SHARE PRICE AND TOTAL RETURN SINCE FIRST EQUITY PLACEMENT (19.7.2012)

Share price/conversion price throughout the Company’s issuances

*Refers to the conversion price of the convertible bonds issuance **Effective conversion price 10.8 (9.72 conversion at 111.25% of par) 24.81 (Prime Placement ***Refers to the conversion price. Last conversion date/maturity is March 2022 Standard) 18 15.9 19.07.2012 9.72 10.8 First equity issuance 6.5 (€2.75 per share) 4 4.46 2.75 Number of shares 171,864,050 July 2012 Oct 2012* Feb 2013 Dec 2013 Feb 2014* June 2014** Sept 2015 June 2017 Feb 2016/2022*** Date of issuance (as of 30 June 2021) €15.5m €100m €35.7m €175.5m €150m €140m €198m €450m €151m Amount issued Number of shares, excluding suspended OWNERSHIP voting rights, base for 165,735,386 share KPI calculations Other (as of 30 June 2021) STRUCTURE 54% Number of shares, Aroundtown excluding suspended (through 177,576,041 Edolaxia voting rights, (fully diluted Group) as of 30 June 2021) 42% 25 Treasury Symbol (Xetra) GYC Shares 4% MANAGEMENT

Refael Zamir Mr. Zamir is the Chief Executive Officer and CFO of . Mr. Zamir has worked for the Group starting from 2013 and has 15 years of international experience in management, capital Chief Executive Officer / markets, finance and accounting. Before Mr. Zamir became the CEO, he served for 7 years as the Chairman of the Company’s board of directors and CFO. In addition, Mr. Zamir served for several years CFO as manager for Ernst & Young in the real-estate and financial institutions sectors. Mr. Zamir is a CPA and holds a BA and MBA in finance and business administration.

Board of Directors

Christian Windfuhr Mr. Windfuhr is the Chairman of the Board of Grand City Properties. Before joining Grand City Mr. Windfuhr served as CEO of Maritim Hotels, with 40 hotels in Germany. Prior to this he served as CEO Chairman, Director of Mövenpick. He achieved the financial turnaround of Mövenpick, drove international expansion, publicly listed the company, and worked out a strategic partnership with Kingdom Holding (HRH Prince Alwaleed) and JP Morgan. Served as Director of TUI, Europe’s largest tour operator. He served high positions in Holiday Inn, Kempinski, & Southern Sun. Graduated at Cornell University.

Simone Runge-Brandner Ms. Runge-Brandner is an independent Director and member of the audit-, remuneration- and nomination committee. Her past positions include Deal Manager (Director) at UBS Deutschland AG, Vice Independent director President Real Estate Finance/ Investment Funds, Credit Manager at Dekabank Frankfurt and Credit Manager Real Estate Finance at Helaba Frankfurt. Ms. Runge-Brandner has a Diploma in International business administration.

Daniel Malkin Mr. Malkin is an independent Director and member of the audit-, remuneration- and nomination committee. Before joining Grand City, he served as an Investment & fund Manager of fixed income Independent director investment funds at Excellence Investment Bank. Has a BA in Business Administration.

Audit Committee Consists of the two independent directors Simone Runge-Brandner and Daniel Malkin

Senior Management

Sebastian Remmert-Faltin Mr. Remmert has more than 20 years professional experience in the real estate industry. He covered positions ranging from asset management, letting, marketing and other operational aspects COO

Or Zohar Prior to GCP, Mr. Zohar worked as the head of business development in Mark Hotels GmbH and as a Managing Director in Bluebay GmbH. Mr. Zohar holds a BSc and a MA in real estate and finance Business development

Mandy Kuebscholl Past experience include director of Central Reservation at GCH, Director of Revenue & Reservations at Ramada international. Education: Hotel Management from the Management Trainee program at Head of Service Center Marriott International. Ms. Kuebscholl is also responsible for GCP’s 24/7 service center and general tenant satisfactions aspects

26 MANAGEMENT Senior Management (continued) Michael Bar-Yosef Mr. Bar-Yosef is responsible for financial modeling and cooperates with equity researchers to analyze their financial models. Before joining GCP he served as a financial and corporate analyst for a financial advisory and was an economist. Mr. Bar-Yosef Senior Financial Analyst holds an MBA in economics.

Kathrin Lampen Ms. Lampen has more than 10 years experience in the field and advises the senior management in the fields of legal corporate as well as contract and compliance. Prior to joining GCP she served as a legal counsel at Sirius Real Estate. Ms. Behlau holds a Head of Legal law degree from the University of Marburg (Germany) and Université de Lausanne (Switzerland).

Advisory Board Yakir Gabay Mr. Gabay is the chairman of the Advisory Board. Before GCP, Mr. Gabay was chairman & managing partner of an investment company which managed over $30 billion of assets, before that he was the CEO of the investment banking of Bank Leumi. Mr. Gabay holds an MBA and BA in Accounting/Economics and is a CPA.

Claudio Jarczyk Advisory Board member. Prior to GCP, Mr. Jarczyk served as an Executive Director at BerlinHyp Bank specializing in real estate financing with a focus on international clients, as a Chief International Executive at Landesbank Berlin and as an International Division-Department Manager at Bayerische Vereinsbank Munich. Mr. Jarczyk holds a Dipl.Kfm. / MBA at Munich University.

David Maimon Mr. Maimon was the President and CEO of EL AL Israel Airlines. Prior to that, Mr. Maimon was EVP of Customer Service, Commerce & Industry Affairs Sales & Marketing in EL AL Airlines and also served as a Director in various Israeli commercial companies such as Leumi Gemel Ltd, Hever and Sun D'Or International Airlines. Mr. Maimon holds an MBA.

Strong Board of Directors and senior management structure

• Majority of the board of directors is independent • Audit committee members are independent • Longevity in the company with high and stable retention rate • Incentivized to align with the Company’s long-term goals – like-for-like occupancy and rent increase, operational efficiency, increase in adjusted EBITDA, FFO per share, EPS and NAV per share, keeping conservative financial ratios, with the strategic target to further improve the Group’s rating to A-

27 CREDIT RATING MATRIX FINANCIAL RISK PROFILE 1 2 3 4 5 6 MINIMAL MODEST INTERMEDIATE SIGNIFICANT AGGRESSIVE HIGH LEVER-AGED

1 aaa/ GCP will continue strengthening its position within the business profile aa a+/a a- bbb bbb-/bb+ EXCELLENT aa+ (Vonovia- BBB+)* 2 (DW) (Aroundtown) STRONG aa/ a+/a bb+ bb aa- A- BBB+ BBB (GCP) (Covivio)

3 SATISFACTORY a/a- bbb+ BBB/BBB- BBB-/bb+ bb b+ (Akelius)

4 bbb/

BUSINESS RISK RISK PROFILE BUSINESS bbb- bb+ bb bb- b FAIR bbb- (Adler Group) 5 bb+ bb+ bb bb- b+ b/b- WEAK 6 bb- bb- bb- b+ b b- VULNERABLE

* rating anchor of Vonovia is A-, after the effects of modifiers, is BBB+

Strong position within the investment grade scaling with a long-term rating of BBB+ (A-2 short term) S&P rating

With a robust business risk profile and a steady and secure financial risk profile, GCP is well placed for further rating improvements towards the A- rating.

28 The Board of Directors of GCP has decided to strategically aim for A- rating from S&P and will continue to implement measures to achieve this target. DISCLAIMER

IMPORTANT:

This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by the recipient to any other person. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of the Group ("forward-looking statements"). All forward-looking statements contained in this document and all views expressed and all projections, forecasts or statements relating to expectations regarding future events or the possible future performance of Grand City Properties S.A. or any corporation affiliated with Grand City Properties S.A. (the “Group”) only represent the own assessments and interpretation by Grand City Properties S.A. of information available to it as of the date of this document. They have not been independently verified or assessed and may or may not prove to be correct. Any forward-looking statements may involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. No representation is made or assurance given that such statements, views, projections or forecasts are correct or that they will be achieved as described. Tables and diagrams may include rounding effects. This presentation is intended to provide a general overview of the Group's business and does not purport to deal with all aspects and details regarding the Group. Accordingly, neither the Group nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither the Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith. Grand City Properties S.A. does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. THANK YOU

Katrin Petersen Head of Communication E-mail: [email protected]

www.grandcityproperties.com